MyCheck partners with Pay By Group to bring split payments to hotels
SAN FRANCISCO AND TEL AVIV - May 7, 2018 - Hospitality payments platform MyCheck today announces its partnership with Pay By Group, a white-label split payment checkout option, to allow hotel guests to split the cost of their booking. MyCheck’s hospitality customers include many of the world’s leading hotel brands.
“This partnership lets hotels that already work with MyCheck quickly add split payments, allowing them to stay ahead of the curve without requiring internal development cycles,” said Frank Langston, Pay By Group’s co-founder and Chief Revenue Officer, in describing the benefits of the partnership for the hospitality industry.
Langston’s point alludes to the fact that the partnership gives the hotel industry ammunition against its battle with lodging company, Airbnb, which added a split payment option earlier this year. Airbnb added the payment option after CEO Brian Chesky asked users on Twitter what feature they’d like to see — and it quickly rose to become the most-requested one. Uber and Lyft also have split payment options, which are the most-used features of both services.
“MyCheck constantly strives to grow our offering, which strengthens our customers’ offerings to drive membership adoption, reduce abandonment rates at time of booking, and therefore increase revenue,” said Cyndi Shepley, VP of Sales at MyCheck. “MyCheck takes on the burden to keep the branded digital wallets for our clients current, allowing them to concentrate on the remaining guest experience within their web, mobile web, and apps”.
MyCheck has consistently brought innovative technology to the hospitality industry with rapid deployments so their clients keep pace with – and even outpace – disruptors in the market.
The split payment option will not only be convenient for hotel guests traveling with friends or family, but it promises to be lucrative for hotels as well. When a guest invites a fellow traveler to split the cost of a booking, the process is likely to add a new member with a stored payment method in their digital wallet to that hotel’s customer base, all of which is powered by MyCheck. This creates seamless on-property purchases and future bookings across platforms. Airbnb’s data revealed that 30% of bookings that used split payments on their platform led to one or more users joining Airbnb.
Split payments also drive loyalty. According to Pay By Group, merchants that offer a split payment option see a 140% year-over-year growth in user adoption of the checkout option. Existing customers keep coming back because the split option is offered, and the people they’ve invited to split in the past return as new customers and invite others to join them in splitting new bookings.
As the trend for adding split payments continues to grow in hospitality, it remains to be seen if vacation rental giants like HomeAway (which also owns VRBO) and Booking.com will respond to the traveler demand or cede market share to their hotel and vacation rental rivals that have already added it.
MyCheck is the hospitality industry’s leading mobile payment technology provider offering various products that can be used separately or combined to equip hotels and restaurants with a powerful digital customer engagement experience. The MyCheck mobile payment platform is equipping hospitality brands with a secure, fast and engaging digital experience for guests. MyCheck aligns brands with ever-changing compliance standards, payment options and user trends needed to master the digital guest experience quickly and professionally, from hotel check-in/- out to restaurant mobile ordering with loyalty and rewards included. For more information, please visit www.mycheck.io.
About Pay By Group
Pay By Group is an embedded, white-label checkout option that allows friends or family to collaborate and split the cost of a shared purchase. The company has offices in San Francisco and Guadalajara, Mexico. Pay By Group works directly with merchants to power split payments on their sites and integrates with gateways and other payment service providers as an alternative payment method easily accessible to all their clients with the flip of a switch. The company’s investors include SparkLabs Global Ventures, Great Oaks Capital, 500 Startups, JetBlue co-founder John Owen, Facebook VP of Platform & Marketplace Deb Lui, serial entrepreneur Karl Jacob, and early Twitter and Square investor Greg Kidd.